Renewed EU sustainable finance strategy can help economic resilience

08 April 2020
by WWF -- last modified 08 April 2020

Today the European Commission showed it is pushing forward on greening finance. It launched an insightful public consultation on the EU’s new sustainable finance strategy, almost sticking to the planned timing despite the coronavirus outbreak.

The consultation asks about measures that in WWF's view are essential for a sustainable and resilient financial system. These include a taxonomy to list environmentally harmful sectors, mandatory due diligence on sustainability, and sustainability target-setting for large corporates.

Sébastien Godinot, WWF European Policy Office economist said:

"The Commission took the right decision to not postpone this consultation. The Covid-19 crisis shows the lack of resilience of our economic and financial system and the need to change gears post-crisis to rapidly make our financial system more sustainable. Measures considered in the consultation, like expanding the EU taxonomy to define polluting activities, setting climate targets in the private sector and giving consumers a say on the sustainability of their financial products, will be critical." 

The consultation is the first stage of the EU's 'renewed sustainable finance strategy'. The complete strategy is expected in autumn 2020.

Yesterday WWF published its recommendations for building resilient and sustainable economies after the Covid-19 crisis, in line with the European Green Deal.

At the end of March, WWF and other NGOs wrote to the presidents of the European Commission, Council and Parliament calling for economic stimulus packages to support environmental objectives and be aligned with the European Green Deal.

The European Policy Office helps shape EU policies that impact on the European and global environment.

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